Anything leading you to going through bankruptcy is not a happy tale, but the life you live after might be. The whole point is to wipe the slate clean and have a new chance at life. Don’t look at it as the end of the world; read this article to help you determine how your life will be enhanced by bankruptcy.
When people owe more than what can pay, they have the option of filing for bankruptcy. If this applies to you, be sure that you know what the laws of your state are. Bankruptcy laws vary from state to state so it is important to do your research. For instance, your home might be protected in some states while you might lose it in others. Before filing for personal bankruptcy, be certain that you are familiar with the laws.
Before you decide to file bankruptcy proceedings, determine which assets will be safe. You can find a listing of the asset types that are excluded from bankruptcy in the Bankruptcy Code. It is important that you read this list before filing for bankruptcy, so that can find out whether or not your most prized possessions will be seized. Without reading the list, you may be shocked at which possessions can be taken from you.
Don’t hesitate to give your attorney a heads-up about something she has missed. It is wrong to assume that your lawyer will remember every word you ever utter! All information submitted to the court with your signature needs to be double checked.
If you’re going to file bankruptcy, you need an attorney. Bankruptcy is a complex process, and you probably don’t know all the information that is required to navigate it. Talk to a bankruptcy lawyer, they can help clarify anything that you might have confusion with.
Before filing for bankruptcy, determine whether Chapter 13 or Chapter 7 is appropriate for your financial situation. Chapter 7 involves the elimination of all of your debt. All of your financial ties to the people you owe money to will disappear. A Chapter 13 filing involves a repayment plan, though. Typically, you will make a partial payment against your debts over the next 60 months before the balance of the debts is lifted. Both options have advantages and drawbacks, so do your research before deciding.
Meet with a few attorneys who offer free consultations before hiring one. Be certain that the person you meet with is really a lawyer. Avoid meeting with paralegals or legal assistants because they cannot give you legal advice. Be sure to check out a number of lawyers so that you will find one who is just right for you.
Learn from the mistakes you made that sent you to bankruptcy court. On the other hand, the new beginning that bankruptcy offers can lead to a new life story. If you put the ideas you learned in this article into practice, you can write a whole new financial story and live happily ever after.
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